Cryptocurrency has aged like wine – the older it has gotten, the better it has gotten. At least, for millennials anyways.
This year, cryptocurrency will complete its 10th year as a concept and since its inception, it has made a lot of young investors rich. Yet, its value has not been limited to the financial arena either as Bitcoin has given birth to numerous other digital currencies that perform specific functions and created jobs out of nothing – similar to the Internet’s effect back in the 90’s.
Ten years is not a long time to explore in great detail the advantages and disadvantages of any new system, technology, or idea but over a small span of time, cryptocurrency and blockchain technology has captured the hearts of this new millennial generation and should prove itself as a mainstay in mainstream culture for years to come – possibly decades.
When computers first became mainstream, the young generation at that time was introduced to the concept of a digitally-run world. Millennials, on the other hand, were born into a digital world and so the idea of paying with virtual money is all but natural for this generation.
Computers, Internet, and now cryptocurrency is but a normal addition to an almost completely digital-driven life for millennials. They have seen what digital technology has done to ease the work style and life of millions around the globe. It is no wonder then that they feel that the addition of digital coins into mainstream society will only add to the present-day benefits brought about by technological advancements such as more space, more time, and more money for oneself.
Volatility Is Not A Problem
Aside from being more technologically gifted than both baby boomers and Gen Xers, millennials seem to enjoy the fast growth and higher volatility produced by technological advancements.
Take, for example, the number of startup companies seen within the last 20 years which has never been seen before since the dawn of recorded history. All these new companies and entrepreneurs could not have begun such endeavors without the technological abilities delivered by continuously advancing digital technology.
Add to that the ability to withstand higher risk because of young age, and the highly volatile cryptocurrency industry seems the perfect fit for a generation that has grown up with a faster and more advanced way of life.
In a nutshell, the former generations are just too old now to not play it safe, which is why millennials are in the perfect position to profit and create more avenues from cryptocurrency.
While “old money” has belittled cryptocurrency as a flash in the pan, millennials have been starting up new companies and profiting off of it for a good decade now despite the views and opinions of the so-called wiser generations.
Future Of Cryptocurrency
The question then arises as to whether or not cryptocurrency has a future as a legitimate form of legal tender. In the current financial world of regulation, borders, and standards, can a digital currency with none of the above survive?
Currency experts believe that cryptocurrency platforms can replace most other payment platforms as the go-to money of the future. They feel it will be an easy switch to substitute credit and debit cards with digital coins and are continuously improving blockchain technology to one day turn that dream into a reality.
If this does happen, one thing is assured, the millennials will welcome the change with arms wide open just as they have unanimously embraced the current digital currency applications of today.